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DESCRIPTION OF BUSINESS OF RABOBANK GROUPUnless the context otherwise requires, references in this summary to “our”, “we”, “us”, “Rabobank Group”,“Rabobank” or the “Group’” are to Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“RabobankNederland”) and its members, subsidiaries and affiliates. Rabobank Nederland is a trading name ofCoöperatieve Centrale Raiffeisen-Boerenleenbank B.A. Rabobank Structured Products is a defined name forthe purposes of this Offering Circular and the Structured Medium Term Note Programme of CoöperatieveCentrale Raiffeisen-Boerenleenbank B.A.GeneralRabobank Group is an international financial service provider operating on the basis of cooperative principles.It comprises 152 independent local Rabobanks and their central organisation Rabobank Nederland and itssubsidiaries. Rabobank Group operates in 46 countries. Its operations include domestic retail banking,wholesale and international retail banking, asset management and investment, leasing and real estate. It servesapproximately 9.5 million clients around the world. In the Netherlands, its focus is on “all-finance” servicesand, internationally, on food & agri. Rabobank Group entities have strong inter-relationships due toRabobank’s cooperative structure.Rabobank Nederland has the highest credit rating awarded by the international rating agencies S&P (AAAsince 1981) and Moody’s (Aaa since 1981). In terms of Tier I capital, Rabobank Group is among the world’s25 largest financial institutions (source: The Banker).Rabobank Group’s cooperative core business comprises independent local Rabobanks. Clients can becomemembers of their local Rabobank. In turn, the local Rabobanks are members of Rabobank Nederland, thesupralocal cooperative organisation that advises and supports the banks in their local services. RabobankNederland also supervises the operations, sourcing, solvency and liquidity of the local Rabobanks. With nearly1,100 branches and more than 3,000 cash-dispensing machines, the local Rabobanks form a dense bankingnetwork in the Netherlands. In the Netherlands, the local Rabobanks serve approximately 7.5 million clients,both private and corporate, offering a comprehensive package of financial services.Rabobank Nederland is the holding company of a number of specialised subsidiaries in the Netherlands andabroad. Rabobank International is Rabobank Group’s wholesale bank and international retail bank.Historically, Rabobank Group has engaged primarily in lending to the agricultural and horticultural sectors inthe Dutch market. Since the 1990s, Rabobank Group has also offered a wide variety of commercial bankingand other financial services not only in the Netherlands but also internationally. As part of an ongoingprogramme, Rabobank Group has increased both the number and type of products and services available to itscustomers in order to diversify from a traditional savings and mortgage-based business to become a providerof a full range of financial products and services, both in the Netherlands and internationally. To this end,Rabobank Group pursues an “all-finance” concept, meaning that it provides an integrated range of financialservices comprising primarily domestic retail banking, wholesale and international retail banking, assetmanagement and investment, leasing, real estate and distribution of insurance products to a wide range of bothindividual and corporate customers. As part of this all-finance strategy, Rabobank Group focuses onoperations that produce fee-based income in addition to its traditional interest-based income sources.At 30 June 2009, Rabobank Group had total assets of € 615.4 billion, a private sector loan portfolio of € 415.2billion, amounts due to customers of € 284.9 billion, saving deposits of € 119.7 billion and equity of € 36.9billion. Of the private sector loan portfolio, € 197.3 billion, virtually all of which are mortgages, consists ofloans to private individuals, € 147.7 billion of loans to the trade, industry and services sector and € 70.3 billionof loans to the food & agri sector. At 30 June 2009, its Tier I ratio, which is the ratio between core capital andtotal risk-weighted assets, was 13.0 per cent. In the first half of 2009, Rabobank Group’s efficiency ratio was238